From Mahart where Innovations, Money and Power Collie in Silicon Valley, NBN. This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.
I'm Caroline Hyde a Bloomgg's World headquarters in New York, and I'm Ed Ludlow in San Francisco.
This has been by Technology.
Coming up Peloton tumbling after predicting another decline in sales. We'll discuss where the companies come back efforts went wrong.
The landscape for IPOs starting to heat up, or dig into m Are Sports which starts trading today.
And the world's biggest seller of smartphone processes starting to see a recovery. We'll speak the CEO of Qualcom, Cristiano am But first that's checking on these markets and for a stick in the world of sports and health and exercise for a moment, and Amma Sports shares indicated at thirteen to fourteen dollars each. The IPO price, remember was thirteen dollars. That's actually way off the mid market range. So this is a company that's coming to the market
selling new shares. Of course, this is Wilson Tennis Rackets. This is like a Solomon ski boots as well. And a big exposure to China. We'll dig into that IPO story and a little bit on the show, but first let's returned to the woes that are really expressing themselves in the share price of Peloton today. Mark German is here with more and look, they can't seem to catch a break in terms of people wanting to use the app. In particular, I mean, where are they seeing some of the pain points?
Mark, They're seeing pain points essentially everywhere. A free cash flow is not where they want. Revenue beat Wall Street expectations by about twenty million, but of course it was another annual decline for the company. App subscriptions were down sixteen percent. They're still reporting a net loss. So this is not where the company once was. They were a high flyer at the height of the pandemic. They were a billion dollar plus quarter after quarter.
Now their revenue, as you.
Can see, it was in the mid seven hundred millions, down six percent even a loss. Just no real growth or momentum here for the company. And they're not expecting free cash flow to get to where they want, real profitability now, real growth until the end of the year, until their fourth quarter, right, so certainly they're not in a good place at this moment.
Yeah, I think we're still asking what is Peloton right? Is it a content company? Is it a hardware company? They've had all these different strategies. They include partnerships, the TikTok one being the most prominent that Karen and I've discussed. And then they turn around to say, you know what, let's look at universities. That's a big market. You know, from a gym equipment perspective, that hasn't worked either. So sum up Barry mccarthyy's strategy here, Mark.
Yeah, the strategy is to go all in on content and subscriptions. But this big revamp that they rolled out a few months ago was a failure. It led to a large decrease in subscribers. They had some issues with their algorithm as well. You know, my personal take is maybe you wind down the hardware business completely. That's a lot of where your lack of profitability, a lot of where your net loss.
Is coming from.
Go all in on content, but then you're just an app. But I think if you're a pure content play, you have this really nice, really great subscriber base of nearly seven hundred and fifty thousand users.
Maybe that's something that's interesting to.
A Spotify or a Netflix, or an Apple or an Amazon, where you can buy this pretty gigantic fitness content library, you can buy this application, You could buy the patents and the technology there, and you can make your Netflix subscription or your Spotify subscription or your Amazon product subscription more valuable and interesting to consumers by spending a few billion and buying all the Peloton's content arm Maybe that's the real long term play, at least if I was CEO.
That's what it would be at this Until you are CEO, Mark, Well, we'll stick to on letting on also the areas the wealth of expertise you have in other companies. We are all waiting with baited brest and big earnings after the bell, and Apple is key among them. What are you expecting?
Yeah, so our estimates indicate that Apple is going to avoid a fifth quarter in a row of a decline in an earnings decline. That would be something that hasn't happened since the original iPod days over.
Twenty something years ago.
So any growth I think is going to be hugely impressive to the stock. What we're really looking for is a sizeable beat on iPhone. If you remember, at the end of twenty twenty two, the iPhone fourteen pro ran into some serious COVID related headwinds. So at this point, given the performance of the iPhone fifteen, concerns in China, given that this is a redesigned handset, given that they have not had any production issues, you should be looking at a pretty clear beat on iPhone.
So that's what we'll be paying attention to.
In addition to hopefully for the company a record around digital services given all the app store noise right.
Now, highly recommend that you follow the top live blog on the terminal for Mark's reporting and also his ex because it's a big Super Bowl moment for him. After market close, thank you to Bloomberg to Mark German, but let's keep the convo going. Bring in all Spring Global Investments chief diversity officer and head of active Equity, and Meletti for more. You know, I said a little early in the show and that if there was a lesson to be learned from Alphabet and Microsoft, it was that
this was a high bar earning supporter. Investors kind of wanted to see some tangible effect from all of the AI chat an investment of the last twelve months. Now we have Apple, Amazon, and Meta on deck. Do you frame this as a high bar order?
I do, Thanks for having me on the show. It's a high bar quarter cause although fundamentals were really strong and twenty twenty three, multiple expansion also took place in a big way. And so when you have that multiple expansion and good earnings growth growth in twenty twenty three, the bar is now set for growth on top of what we saw, and that multiple expansion is gonna be harder to get. And so I think that's where, you know, the game of expectations really comes into play.
There is other technology in the world outside of this. We call it the Magnificent seven, and maybe Tesla gets taken out and it's the Magnificent six. Are we not looking in the right place right now?
We think the mar markets should broaden out, you know, we we really believe that in the t the back half of last year, and as we look forward, we think that's true. Look, there are really good earnings prospects
for several areas of the market. If you look at historic discounts between small and in large cap companies, those historic discounts are really pretty wide, And you're right, there's really good companies, technology companies, healthcare companies, other companies that go down market cap that just don't have the multiples, that didn't get the multiple expansion. Even some that have really high free cash flow did put up good fundamentals
last year. And so those are the parts of the market that we're much more attracted to right now.
Do the same drivers of growth apply though, on the smaller side of the market capitalization is it that you want to hear from CEOs, how they're leveraging AI, how they're thinking about cost discipline, how ultimately they're replacing people with machine.
Absolutely, AI is not something that's going to go away, and I think we saw the first wave of it, certainly led by these large companies. I still think that the large companies are going to lead. But what we're going to do is start to see AI application be applied across the broader economy. And when that happens, you're going to see productivity and other things continue to rise.
But it does take a while for it to play out, and so we're looking for individual companies that are applying AI, but not just AI, also other tools, also other capabilities that they have to really work through the current environment, which we all know, you know, is likely to be still a little bit bumpy.
Here, let's talk.
About that current environment and on the macro for us. And because is it therefore the job's data that you look to at the moment, is it still any hint of direction of FED policy that really dictates trade here overall?
You know, I think the FED policy. You know, it's interesting the FED talk has maybe added a little bit of confusion, but the expectations for five to six rate because for the year we're just higher than what we believed would actually happen. So yesterday wasn't so much of a surprise to us here at all. Spring What I would say, though, is we are watching the labor market really carefully and how that might be tied to company profits.
And if we just go back to twenty twenty two, the technology companies actually were cutting back on labor some of those meg seven stocks you talked about that led them and set them up pretty well to produce good profits. In twenty twenty three, with some recovery, we are, you know, at the end of an inflationary cycle, pricing power starts
to slip away. There starts to get to be some margin pressure amongst many companies, and so what then tends to happen is they start to unwind labor because that's where the biggest costs come from. So how closely are profits and labor tied? I think they're pretty closely tied. So we'll have to watch profits very carefully and within each industry. Then also what that might mean for the labor market.
There's been a lot of talk of cuts this particular earning season when it comes to the labor force. All Spring Global Investments Chief Diversity officer and of course head of actually Active Equity and Maletti. Great to catch up with you and what we got.
Well.
Coming up on the show, we're going to have a post earnings conversation with AMD CEO Lisa Sue. Really interesting AI name to watch right now, that's next, This is Bloomberg. Here's why AMD is optimistic well, revenue in the current period will be shorter of analyst estimates. The chip maker's confident is going to book more than three point five billion dollars this year from its line of AI accelerators.
That's up from its earlier projection of two billion. I caught up with AMD CEO Lisa Su yesterday to understand why I have a listen.
When I look at the potential of AI is really the single most important you know, sort of you know, technology innovation over the last fifty years. So AI has so much potential to change the way our business has work, to change our personal productivity, to really change the way we do research, and a whole bunch of things. You know, from our standpoint, we see the aim growing to upwards of you know, four hundred billion by twenty twenty seven.
I think from an AMD standpoint, you know, you were at our launch ed in December.
It was a great.
Coming out party for the A M D you know, AI capabilities, and it's gone really well. I think our customer interactions, our product qualifications, our ramp have gone really well. So we were able to update you know, some of our numbers this this past week.
I think a lot of folks focused on that ramp and how it went in the quarter. You know, you exceeded the four hundred million that you'd told me about at that event, So it's three point five billion dollars of sales this year form I three hundred. What's interesting here is kind of your ramp relative to what's happening on the supply side, And I wanted how big a factor supply will be in matching or beating that number in twenty four.
Yeah.
Absolutely, And this is the fastest product ramp you know, in our history. So you know, we exceeded our numbers in Q four over four hundred million. We're going to grow into Q one, and we update our full year forecasts from two billion to three and a half billion. The way we think about that is that's a customer demand statement, So that is customers that we've engaged in who have made commitments to us, who have placed orders
with us. We're planning for a much larger number as it relates to the supply chain.
This is what we should do.
We always plan for success. So you know, my view is it's still very very early in the in the innings for AI accelerators and particularly for I three hundred, but this is an opportunity for us to you know, continue to build a major growth driver as we work with our top customers on their AI plans.
That was a MDCO Lisa Sue. This is talking tech. Elon Musk is making moves to deepen his presence in Texas. After asking followers on x he plans to bring shareholders in for a vote to shift its incorporation from Delaware to Texas. This comes after a Delaware judge voided his fifty five billion dollar compensation package. And in other news, this is something I reported last night. A battery plant
in Nevada's in the works. According to our sources, the plant will use equipment from China's c ATL, otherwise the biggest company making sales in the world. The move comes mid heightened scrutiny by Washington and collabs with Chinese firms.
S go quick check on his market, said Apple on deck for after the bell, We're up five tens percent, but could we have a fifth straight decline in revenue? We have seen those sorts of consecutive declines and revenue sin's all the way back to nineteen ninety eight. We've had four straight. But can they inch out that one percent revenue growth that the market is anticipating qualcom of by more than four percent. We've got a key conversation coming in Cristiano and Man just in a few moments time.
But this is they managed a guide that Look Mobile is recovering in terms of their chips, but what about autos, what about connected devices? Not so good? Peloton of by twenty three percent after of course, what has been a painful set of well lack of growth numbers once again. Meanwhile, though, we want to be talking about some other areas of sport, not just Peloton exercise area, but what about Wilson tennis rackets, what about well areas of well the areas are skiing
for your boots. A Mere Sports they've just been ipoing and look, it's below the marketed range in terms of the midpoint, but they are coming out. It seems to be pricing in the thirteen to fourteen dollars per share mark. Let's talk about what this means to the rest of the IPO market and some of the tech names within Itationalit in vessects with us. And what's interesting about a Mere Sports is that they have big Chinese backers in particular,
and they have exposure to the Chinese market. What does this read across the rest of the IPO market.
Yeah, a listen, we did see this becoming the biggest IPO since we've seen berkenstackt so big consumer names coming to market. It's not just about the Chinese consumer. If you look at where a bulk of their revenues come from, they're very heavily exposed to your Caroline, to the Americas as well as the Europe, Middle East and Africa region, the EMEA region, And so this is a very large global brand going out of public, going public at a time where people are kind of worried about the global
economy and the strength of the consumer. Now, some of these brands tend to lean more affluent, like Arctics. Anyone who's bought Arctics gear knows that you're paying a little more for it than say you are a Patagonia. But it shows in the numbers, and they've really been able to expand revenue as people get back on the slopes and back out there playing sports and traveling around the world for a lot of these types of categories here in athletics.
All right, Bloomberg Shnaali Bassite with the breakdown on MS Sports. We're still watching that for the opening, but it's certainly one to watch and don't miss Lady Shnali's live interview with the CEO of MS Sports, James Sheng, which coming up in the next hour. Let's keep Agun. The IPO landscape is a conversation that we need to have and we're joined by Greg Martin, co founder and manager director of rain Makers Security. It's a curious one, right sports.
I'm into my pickleball, so Wilson, that's an interesting read over. But the back is of some big Chinese tech names. Your view on what this is is a signal to the market. This I PO from m A Sports.
Well, I mean it is. It is a data point for sure. You know the brands and a Mare Sports owns. You know, our venerable brands have been around for a while. The company showed good growth in both revenue and EBAD, but it was laiden with debt. It was a highly leveraged company. And you know, the market has been punishing
highly leveraged companies for a long time. Even though rates have come down, there's still there's still you know, still relatively high, relatively where there were a few years ago. And so you know, I think the market is still taking away and see approach. I think underwriters clearly misjudged demand. In fact, in this case, what was interesting is sixty percent of the IPO was bought by insiders. Normally that's
a really strong signal that should stimulate demand. So this this IPO is almost you know, completely carried by inside investors. There was very shockingly little outside of interest. So this is a data point. It's a different type of company. I think when we see some more traditional, you know, companies that are you know, maybe a little bit earlier, but with real growth stories and unlevered, I think that'll be a better benchmark as to how the IPO market really is right now.
Is it a starter gun for the five or so actual technology companies that are waiting in the wings as IPO candidates.
Well, I wouldn't.
It doesn't really feel like a big breath of wind when they priced, you know, twenty three and a half percent below the midpoint of their filing range.
We'll see how they trade today.
I mean, you know, let's let's let's hold out a verdict until we see.
How it trades.
But I wouldn't say it's it's it's a big starter gun.
Doesn't mean the IPO market's going to close.
And we had another sort of poorly performing IPO last week with bright Spring that's traded down fifteen percent in a week and also price below it's midpoint.
Of its range. But both of those companies, as I said, were highly levered.
So I don't draw a lot of conclusions frankly from either of these two IPOs. I would like to see how, you know, I think Reddit might be one of the next companies to come out. I would like to see how more traditional tech companies that are venture backed, that you don't have a long history and have significant leverage.
I'd like to see how those companies price.
So I don't think there's a ton to learn right now from either of these two IPOs.
Let's therefore focus in on the reporting that was of this week. The Reddit is looking at coming in the near future at a trying to get a sense of what market capitalization, whether it's five billion or so, which is a significant haircut from where they last raised money at. But you've been highlighting some of the names that might well come to the market as well as Reddit. You've
got Striped, churo Chime, Data, Bricks Service, Titan. Are we likely to say see some pain for previous rounds of late stage investors and what recompense did.
They get it?
It's a really interesting question. You know, reddis last round valuation was ten billion. You know, in sort of the height of the market in twenty twenty one. You know, I think that given their they performed reasonably well. They bolved for IPO at the end of twenty one, they said they were going to do a billion of revenue. In twenty twenty three they did sounds like by reports somewhat closer to eight hundred million.
So they are growing growing reasonably well.
But you know, I think that would suggest evaluation, you know, in an IPO in the you know, four to six billion range. So how do last round investors who paid ten billion feel about that. It'll be an interesting discussion between last round investors and current investors and potentially you know, IPO investors. But this is a problem that's good that a lot of companies are facing. We saw, you know, Instacart when they went public, they had a thirty nine
billion dollar you know, last round valuation. Then they went public at around ten billion. So this is the medicine that I think companies are going to have to take to get to the I p O markets. But we're going to see a lot of interesting negotiations between last round investors and and underwriters at this point.
And the reason Greg we have your expertise on the show is because you are there helping make markets in pre i PO names, and I'm interested is to what appetite is like at the moment, what sort of valuations you're tending to see in these transactions.
Yeah, I mean we've we've definitely seen a significant drop off and valuations over the last couple of years, you know, with with a couple of exceptions. Clearly the AI space has been a rocket ship, as has the rocket company SpaceX, you know, so there's been a couple of exceptions, but generally speaking, we've seen you know, significant uh, you know, devaluation and a lot of these high flying companies, you know, Brettit.
We've recently seen trading you know, start to pick up a little bits as investors feel that an I p O is forthcoming. But we're seeing pricing in you know, just below five billion range.
But as a general rule, you know.
We're starting to see a little bit of an uptick in both demand and in valuations, and I think that modes well for a healthy IPO market, should you know, most of the other economic indicators sort of stay stable as they.
Are now all about the macro sometimes too. Greg Martin brilliant to get your perspective. Thank you. Co founder and managing director of Rainmaker Securities. Coming up, well, we're going to talk about the private market a little bit more. Data Snipper has just nabbed one billion dollar valuation on the promise of using AI to automate some of your more tedious tasks in the world of auditing. We'll get into it. Next to the CEO is the roommate technology.
Let's talk venture. Data Snipper has raised one hundred million dollars in a Series B and a billion dollar valuation. It's been led by Index Ventures in the round. The company uses AI to make audit and data reconciliation more efficient, basically serving users across brands like Deloitte. Ey Zeman's here with more is the c that business video pieces and VideA I love in the release about this phrase. You say, basically, you've made their job fun for the first time. You're
talking about customers about auditors. Make it sexy for us. How are you making financial audit that much easier?
Caroling? First, thanks for having me here. It's a pleasure to talk to you about Data Snipper. It's an exciting day here and here's why every day you and I wake up and we operate on trust for the products and services we use, we buy the stocks we invest in, and yet there are armies of people behind the scenes making that possible that are essentially in thankless jobs. Audit has been under tremendous pressure. This is an industry that
has seen unprecedented attrition. There are fewer people joining the industry and there are more people leading it, and there are the same number of hours to do the work that they have been doing. And yet the auditing standards have been going up, and there have been very few software solutions in tools built for auditors. And that's what
Data Snipper looks to solve. We use AI to help automatically match a lot of data, whether it's structured or unstructured sources, to really validate some of the transactions that they're looking to cross reference, to reconcile, to match, and to validate, really taking hours days of manual work and doing that in seconds for them.
FIJA.
In your case, the why you raise money is interesting because your revenue growth is impressive, and my understanding is you want to go to all of those long suffering internal audit folks that are daily worrying about Sarbaine's Oxley or Soft's management compliance and controls programs. But why did you need one hundred million dollars to do that? Why couldn't you just do it off your own cash flow?
Ed?
We absolutely could have done it from our cashflow. We've been profitable from the beginning and very proudly growing sustainably while doing this at a high growth, Here was an opportunity to accelerate our vision. It was about being able to build and ship great new products faster to solve more problems for our customers. It gives us the opportunity to expand. We're opening our first office in pu Lumpur and in Latin America while strengthening our presence in the
United States. And it's about ensuring that we have to go to market muscle to be able to reach customers like your wife. So we couldn't be more excited to be able to serve customers across external audit, interl financial control. Anyone who's looking to match and reconcile data data snipper can be a hole.
One hundred million. Where does that get allocated? Is that what you can do to get into the hands of more financial auditors right here, right now? Is it marketing? Is it people? What are the bottlenecks you're facing?
Video?
The first is to be able to build and innovate products at the pace our customers need. The auditing industry has long been forgotten as a vertical. They are some of the most underserved customers. Some of the work that they are doing is so manual you would be shocked that we are in the year twenty twenty four and
there are such few solutions built for them. And our agenda number one is to build as many great inovative products to solve a many problems for them as possible, And so all of our resources, time and focus is on innovating all right.
Data Stiffer, CEO of vijipeds one hundred million dollar Series B one billion valuation. Good to check in from Bloomberg Television and radio audience worldwide. More earnings and this time Qualcom delivering a solid earnings forecast for the current period, helped by a recovering market for smartphone chips, but some analysts also noting high inventory levels in other business lines. Solighted to bring in Qualcom CEO Cristiano am on and
let's get right to the inventory narrative. Cristiano, so smartphone. You said the inventories have improved. The lingering concern is Internet of Things, which for our global audience is basically anything with a network connection, right from industry manufacturing through to connected devices in the home. And you're saying that
they're still working through inventories there. But because that business line is so broad, what can you tell me about where the inventoryes linger, specifically geographically heavy industry retail.
Very good, ed, good talking to you.
First of all, I don't understand where this inventory commentary is really coming from.
We saw this, I think in the press yesterday.
Maybe I'll use this opportunity to explain the majority of our business hntsts. We're working very hard to diversify the business. We're making good progress, but stue the majority of the business hand sets and hence as we have seen that inventory had actually stabilized since last quarter. I think what we've seen in the results, especially with the beat and rais in EPs, is that.
Hinses are getting back to normal.
We're happy with the health of the Android Ecosystem premium tier. It's strong with h Entree and we still to say that in the numbers IoT we talk about industrial inventory actually before every other company. Actually we were some of the first ones to talk about it. Still a smaller percent of our business would like it to be bigger. But we had said that that is the lowest quarter and we expect to see growth in the coming quarters.
So yeah, I don't understand this comment on inventory. We're happy with the results, and we're happy with a number of the analyst revisions that actually came out this morning on the stops.
I'm just reading the transcript from the Aneen School, right, and you said second half of the fiscal year as we see the inventory kind of normalizing. In the IoT context, A positive area was China. You promised that we would get an uptick in China sales. We did get that. Does it reflect customers in China having been through inventories or is this a commitment to forward ordering signs that those end markets have demand.
Yes, this is a great question, and I want to start by saying we have two vectors that are very encouraging.
One vector is the.
Premium tier has proven to be resilient even within the micro uncertainty. It is that users when they go buy their next phone. They want a better phone. The second thing is we're starting to see the first innings of Jenai. Some of the use cases are starting to come in and that has brought some excitement. Some of our customers had record pre sales of their new devices with agentree
and what we see in China right now. I think there was a lot of concern in the past about Huawei come back to the phone business, but what exactly happening is Huawei is increasing the size of the tem and our customers are holding share in seeing opportunities in the premon teer and that's reflected in the quarter. We have a lot of orders of Agent three, especially for
phones they launch or lounching in the market. We're happy, We're just cautiously optimistic since we don't know how the second half of the year in phones in China is going to unfold.
Christiana, how do you navigate geopolitics when it comes to China, not just macroeconomy?
We just do business. I think we focus on where we can control.
I think we're happy that we have a strong relationship with China. Our technology is differentiated and is helping I think on both sides. One it's business is export of semis for the US. For China, it has been growth for technology. We have not been impacted to date by any of the restrictions. And as we diversify the company, going from hints to automotive and industrial, I think we see our China business expanding as well.
Let's go back to the bread and butter that is phones, though, and I think about Apple's earnings coming after the bell, Everyone wanting to get some sort of steer on where the consumer is at right now, and ultimately you've said, look, consumer, we're recovering in phones. How excited are consumers to renew do you think? And how much will this manage to carry you on into the rest of twenty twenty four.
Look, we don't want to make a prediction. Phone cycles is very difficult to make predictions. There are a couple of things that we know it will happen once over ten years. You have a generation of wireless. We've just been to the five G transition. But the early signs of Genai use cases are actually exciting. I think you saw Samsung launching S twenty four with a number of Gen Ai use cases running on the device.
Same thing happened in China. Just mentioned about.
That, So that could create an interesting opportunity for upgrade cycle in phones.
It's just hard to predict the timing.
Probably a bog television and radio audience is speaking to Cloudcom CEO Cristiano Amon Christiana, you and I have talked about on device processing of generatord ai tools and running of large language models on device airplane mode. When does that business that you're involved in show up in the financials.
Yeah.
The way you should think about the financial impact, especially if you think about phones is really a premium tier becoming a larger percentage of the market, and we're kind of starting to see that. And then the other one is more silicon content. I think our asps increase on the chipset and that has a positive contribution for the business. And the dynamic that we see with the success of Agent three is just the first signs of the opportunity.
Just to be cautious that we still need to see a lot of use cases develop.
Lots of partnerships and deals kind of talks about on the call. When we think about names like Apple and Samsung and the handset makers in China. Look at the history of Qualcom, can you kind of guarantee investors that you can continue forward on the deals and avoid the legal entanglements you've had in prior years.
All right, so you mentioned partnerships.
I think we have two very important conversations, and I want to make a distinctions. I think the first one is our licensing business, and we have been saying in the licensing business, which has been the reason we have been in a number of disputes in the past, is very stable. It's one of the most stable times that we had since the beginning of the licensing business.
And in the quarter we.
Announce three very important milestones. One is we saw an extension of the Apple license agrement. That means that Apple is paying license for the Qualcom standard cential patents and that's regardless of using or not using a Qualcom chip.
We also saw two.
Chinese significant customers renewing the license agreement, which speaks to the value of the Qualcom intellectual property portfolio, even in China in the middle of the geopolitics. That's a very positive side to investors. Now, the second part of a questions about partnerships, what's exciting about Qualcom? And I know we spend a lot of time talking about handsets, but auto.
There is a lot of.
Reports on the peers of a decline in auto. If you look at this score, we actually had record auto revenues with thirty one percent growth here over year when the whole market is downced and that speaks to the number of ships we've been making in auto for the future of the automotive industry and that's an important metric where the future of Qualcome is going to be.
Still about our diversification, cole com CEO Cristiano Amon, great to have some time with you. We thank our radio and TV audiences that does it. From Bloem mag Edition and Blue Meg Technology. Do you remember to look at the podcast